Broker Action

Verizon Communications
VZ, -0.78%
was upgraded to "buy" from "hold" by Deutsche Bank due to valuation, given the recent sharp decline in the stock price. The telecommunications services giant's stock, a component of the Dow industrials, closed Thursday down 38 cents at $36.27, and has lost 10 percent since the end of 2004. No less than five analysts had downgraded the stock since the beginning of 2005. Analyst Viktor Shvets attributed recent weakness to the steeper-than-expected 2005 pension earnings impact, higher exposure to cable voice over Internet protocol and tougher comparisons for its wireless business.

Bear Stearns raised its 2005 earnings forecast for Apple Computer
AAPL, +1.72%
to $2.25 a share from $2.10 due to evidence that hard drive-based iPod sales won't see the normal seasonal weakness during the quarter ending March. The stock was rallying 87 cents, or 1.2 percent, to $71.33 in Instinet pre-open trading. Analyst Andrew Neff also raised his year-end 2005 stock price target to $97 from $87 and his 2006 earnings forecast to $3.05 a share from $2.80.

UBS raised its rating on Coca-Cola Enterprises, Inc.
CCE, +0.69%
to "neutral" from "reduce," saying that while the company will face a difficult comparison with the year-earlier quarters in the first half of the year, by the second half, "it will be lapping both the failed C2 launch in the U.S. and terrible weather in Europe and North America." The broker told clients it expects earnings to rise 20 percent in the second half of the year.

Piper Jaffray upgraded Compass Bancshares
CBSS
to "outperform" from "market perform" to reflect healthier margins and lower effective tax rates going forward. "Compass is an excellent way to pay expansion into the fast-growing states of Texas, Arizona, and Colorado...and at a reasonable multiple," the broker told clients. In addition, Piper predicted that the regional bank could post "very healthy" profitability in 2005 and may decide "to increase the dividend over the near term to generate roughly a 3 percent dividend yield."

General Electric
GE, -0.72%
reported fourth-quarter earnings of $5.38 billion, or 51 cents a share, up from $4.56 billion in the same period a year ago, and a penny a share above the average analyst estimate compiled by Thomson First Call. Revenue rose 18 percent to $43.7 billion from $37 billion, exceeding analyst forecasts of $42.1 billion, amid 19 percent growth in industrial sales and a 16 percent increase in financial services sales. Total orders grew 15 percent. The diversified industrial conglomerate's stock, a component of the Dow industrials, closed Thursday down 7 cents at $35.37.

United Technologies
UTX, +0.38%
reported fourth-quarter earnings of $650 million, or $1.29, a share on revenue of $9.84 billion, up from $588 million, or $1.16 a share, on revenue of $8.59 billion a year ago. The results bested the average estimates of analysts polled by Thomson First Call for earnings of $1.27 a share and revenue of $9.29 billion. UTX noted that results included restructuring costs and favorable items of 22 cents and 14 cents per share, respectively, while foreign currency translation added 4 cents to earnings per share in the quarter. The company also confirmed its expectations of earnings per share growth of 10 to 15 percent for 2005. UTX shares closed down $1.27 at $99.78 Thursday.

America West Holdings Corp.
AWA, +0.35%
the parent company of America West Airlines, reported a fourth-quarter loss of $49.7 million, or $1.38 per share, down from its year-ago equivalent profit of $6.8 million, or 13 cents per share. The latest results include special items that net to a gain of $1.9 million. Excluding this item, the Phoenix-based airline lost $47.8 million, or $1.32 per share, in the period. The average estimate of analysts polled by Thomson First Call was for a loss of $1.50 per share in the December quarter. Revenue rose 2.8 percent in the latest three months to $578.5 million from $563.2 million in the same period a year earlier. Traffic rose 11.3 percent in the period to 5.9 billion revenue passenger miles, while load factor came in at 77.4 percent. The stock closed Thursday at $4.68, up 2 cent.

Key Corp.
KEY, +0.38%
reported fourth-quarter earnings of $213 million, or 51 cents a share, down from $252 million, or 61 cents a share in the same period a year ago. Excluding non-recurring items, earnings were $290 million, or 70 cents a share, exceeding the average analyst estimate compiled by Thomson First Call of 62 cents a share. Total revenue on an adjusted basis rose 6.4 percent to $1.19 billion, amid a 9.9 percent increase in non-interest income and 4.1 percent growth in interest income. Looking ahead, the financial services company expects to earn 60 to 63 cents a share in the first quarter, vs. analyst expectations of 61 cents, and $2.55 to $2.65 a share for 2005, which is above analyst projections of $2.54. The stock closed Thursday down 3 cents at $31.70.

Alltel Corp.
AT, +4.17%
reported fourth-quarter earnings of $270.6 million, or 89 cents per share, up from its year-ago profit of $258.9 million, or 83 cents per share. Revenue rose 6 percent in the latest three months to $2.14 billion in the quarter. The average estimate of analysts polled by Thomson First Call was for a profit of 83 cents per share on revenue of $2.08 billion in the December period. Shares of the Little Rock, Ark., communications company closed Thursday at $54.92, down 34 cents.

Weyerhaeuser Co.
WY, -0.27%
reported fourth-quarter earnings of $199 million, or 82 cents a share, up from $92 million, or 41 cents a share in the same period a year ago. Excluding non-recurring items, earnings were $1.07 a share, missing the average analyst estimate compiled by Thomson First Call, as some of the paper company's businesses experienced higher-than-anticipated costs resulting from delayed maintenance activities and weather-related issues. Revenue was $5.9 billion, up 16 percent from last year's $5.1 billion. For the first quarter, the company said it was concerned about the impact that unusually bad weather may have on results. The stock closed Thursday down 19 cents at $65.20.

Hewlett-Packard Co.
HPQ, +0.15%
said it will pay $141 million to settle a four-year-old patent dispute with Intergraph Corp.
INGR, +0.50%
HP said it expects the agreement to lower fiscal first-quarter earnings by around 3 cents. The two set a patent cross-license agreement with which HP is granted a license to all Intergraph patents for all fields of use.

Germany's Bayer Hypo-Vereins bank, a component on the benchmark DAX-30, said it will post a loss for 2004 as it plans to take 2.5 billion euro ($3.2 billion) one-time provision in 2004 to write-off a 15 billion euro real estate portfolio, which it plans to bundle for eventual disposals. It expects a 250 million euro charge for the restructuring.

Norway's Petroleum Safety Authority rejected Statoil ASA's plan to resume full production from its Snorre A field in the North Sea, nearly two months after a gas leak shut it down, according to a news report. The agency said Friday it wants more information on the restart of about half the production before allowing full flows from Snorre A and the adjacent Vidgis field, which have a combined capacity of 205,000 barrels of oil per day, the Associated Press said. The shutdown represents about 6.4 percent of the 3.2 million barrel-per-day capacity that makes Norway the world's third-largest oil exporter after Saudi Arabia and Russia.

French computer games maker Ubisoft shares surged 5.7 percent in early French trade Friday after it said it projected record earnings of over 220 million euros in the fourth quarter and 2004 sales up 10 percent. It said the best way to create shareholder value is to remain independent, according to AFX News. CEO Yves Guillemot said he does not know whether U.S. games publisher Electronic Arts
ERTS
will launch a full takeover bid. EA owns a 20 percent stake in Ubisoft. Guillemot also said Ubisoft is still interested in acquiring U.K. games maker Eidos, AFX News reported.

Dutch brewer Heineken N.V. confirmed in a statement to the Euronext that it's in talks to increase its 21 percent stake in Kingway Brewery Holdings in China with GDH Limited, Kingway's controlling shareholder. "The discussions are very preliminary at this stage and may or may not lead to any transaction," Heineken said. In Hong Kong, shares of Kingway surged as much as 21.9 percent.

Japan's Ministry of Health is considering banning Iressa, a cancer drug made by British pharmaceuticals group AstraZeneca
AZN, -1.91%
The Times (of London) reported, citing the ministry's acceptance of a report that linked the drug to 588 deaths. A ministry official told the Times that there was a "possibility" that Iressa would be withdrawn. An AstraZeneca official said "the regulatory status of Iressa in Japan is unchanged." Japan accounts for 40 percent of Iressa sales, which totaled $305 million in the first nine months of the financial year, the report said.

Roche Pharmaceuticals
RHHDY
said it has been granted a positive opinion for its Pegasys treatment of chronic Hepatitis B by the European Medicines Agency's Committee for Medicinal Products for Human Use. The recommendation will now go to the European Commission for final approval. Roche said approval for Pegasys in the U.S. is expected this year.

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